Treasury has just confirmed that the new doubled estate tax exemption is a use it or lose it proposition.

Let the gifting begin! The Trump tax cuts bestowed a huge gift on the rich—a doubled estate and gift tax exemption—but it’s temporary, and there was unease as to whether gifts would be taxed later when the exemption fell. Now the Internal Revenue Service has come out with proposed rules saying that there is no clawback on these lifetime gifts. It means that the rich can now pass on tens of millions of dollars estate, gift and GST-tax free, without fear of later being taxed.